Xi meets U.S. business executives in an attempt to attract foreign investment

Economic growth rates in China have been waning for years with the latest target pegged at 5%

Chinese President Xi Jinping met with representatives of U.S. businesses on Wednesday as Beijing seeks to woo foreign investment and reassure American firms in the face of a slowing economy.

Officials are keen to bring in investment to kickstart growth as they battle a range of headwinds including a prolonged propertysector crisis, soaring youth unemployment and a global slowdown that is hammering demand for Chinese goods.

Hosting the group of executives at Beijing’s Great Hall of the People, state broadcaster CCTV showed Mr. Xi chuckling as he expounded on what he characterised as the mutual reliance between Beijing and Washington.

Among the attendees was Cristiano Amon, CEO of Qualcomm, a major producer of semiconductors — which are at the forefront of U.S.China tech rivalry.

Also in attendance was Stephen Schwarzman, CEO of private equity giant Blackstone.

History of friendly ties

Mr. Xi said that “the history of ChinaU.S. relations is a history of friendly exchanges between the two peoples”.

Mr. Xi told the U.S. executives that “as long as both sides see each other as partners and show mutual respect, coexist in peace and cooperate for winwin results, ChinaU.S. relations will get better,” according to a readout published by the Chinese Foreign Ministry.

Economic growth rates in China have been trending downwards for years, and Beijing this month set an annual target of “around 5%” — significantly lower than the breakneck rates that powered the country’s meteoric rise to prosperity.